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Governor Says NBP Remains Independent, Rate Cut Was Not Political

NBP

Governor Adam Glapinski pushes back against accusations that yesterday's decision to cut interest rates by 75bp was political and says that Poland's economic situation is "objectively" very good, warranting a relaxation of monetary conditions.

  • The central bank has faced accusations that the majority in the MPC might be acting on political motives, with hotly contested general elections coming up on October 15. The Governor reiterated that the central bank remains an independent institution.
  • During the presser, Glapinski brushed away critical comments from private media outlets and played down the views of hawkish MPC members "sent here by the Senate," which is controlled by the opposition.
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